What Age Is The Best Time To Retire


Although there is no definitive answer to this question, a number of factors have been identified in the research literature which may help you decide when it will be best for you to retire. These include your age and how long you’ve worked, your health and capacity for work, expected economic conditions in the future (e.g., changes in pension provisions), whether or not you’re interested enough in keeping working part-time after retirement to boost your personal income from work later on, your life expectancy both currently and projected into the future (i.e., a longer lifespan can make retirement earlier more attractive in terms of finance), and any other factors that may affect these key variables such as whether or not children are involved with their parents’ employment status). The following table is based on two representative studies by Coughlan et al. [9] [10]. For example, according to these researchers if someone needs less than 10 hours per week of paid care due to an illness then they should consider retiring at age 55 rather than waiting until 65 because early retirement would reduce their total effective lifetime pension entitlement by 1% per year compared to staying employed until 65 years old if they do not need care assistance. Alternatively someone who does require care assistance but works between 50 – 60 hours per week should wait until around age 67 before retiring since early retirement will result in them having less money available for providing necessary homecare services during their remaining working life regardless of whether or not they need those services plus saving tax